Bank Windfall Taxation

Contributions

1. Richard Burgon (Leeds East) (Lab)Labour

   I rise to present this petition on a windfall tax on the banks in the autumn Budget, further to a corresponding online petition signed by over 13,000 people. This petition of residents of the United Kingdom states that a windfall tax on the super-profits of banks, like that introduced on energy companies, could generate £15 billion per year, providing essential resources to tackle the cost of living crisis affecting millions of people. The petitioners therefore request “that the House of Commons urge the Government to take into account the requests…and consider the resource benefits of a windfall tax on banks when allocating funds in the budget.” Following is the full text of the petition: [The petition of residents of the United Kingdom, Notes that Britain’s largest banks are making unusually high profits from the higher interest rates that simultaneously have driven up rents and mortgages, and that experts estimate that a windfall tax in line with that introduced on the oil and gas firms would generate up to £15 billion a year, providing resources to fund emergency action to address the cost-of-living crisis. The petitioners therefore request that the House of Commons urge the Government to take into account the requests of the petitions and consider the resource benefits of a windfall tax on banks when allocating funds in the Budget. And the petitioners remain, etc. ] [P003251]

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